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  • Worksheet

    The following completed worksheet is an example of how to calculate your net rental income or loss. Some of the figures have been drawn from the examples in this publication; others have been included for illustrative purposes. A blank worksheet is also provided for you to work out your own net rental income or loss.

    Example 31: Rental property worksheet

    Income

     

    Rental income

    $8,500

    Other rental related income

    $800

    Gross rent

    $9,300

    Expenses

     

    Advertising for tenants

    $48

    Body corporate fees and charges

    $500

    Borrowing expenses

    $259

    Cleaning

    $100

    Council rates

    $700

    Deductions for decline in value*

    $796

    Gardening/lawn mowing

    $350

    Insurance

    $495

    Interest on loans

    $11,475

    Land tax

    $200

    Legal expenses

    $150

    Pest control

    $50

    Property agent fees/commission

    $800

    Repairs and maintenance

    $1,000

    Capital works deductions

    $2,745

    Stationery, telephone and postage

    $80

    Travel expenses**

    $436

    Water charges

    $350

    Sundry rental expenses

    $95

    Total expenses

    $20,629

    Net rental income or loss
    ($9,300 minus $20,629)

    -$11,329

    You cannot claim for these items if the expenditure is already included in body corporate fees and charges.

    * From 1 July 2017, you may not be able to claim a deduction for a decline in value of certain second-hand depreciating assets in your residential rental property. If you use these assets to produce rental income from your residential rental property, deductions are available only if an exception applies. See Limit on deductions for decline in value of second-hand depreciating assets.

    **From 1 July 2017, deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you cannot claim deductions.

    End of example

    Rental property worksheet

    Income

    Item

    Amount

    Rental income

    $

    Other rental related income

    $

    Gross rent

    $

    Expenses

    Item

    Amount

    Advertising for tenants

    $

    Body corporate fees and charges

    $

    Borrowing expenses

    $

    Cleaning

    $

    Council rates

    $

    Deductions for decline in value*

    $

    Gardening/lawn mowing

    $

    Insurance

    $

    Interest on loans

    $

    Land tax

    $

    Legal expenses

    $

    Pest control

    $

    Property agent fees/commission

    $

    Repairs and maintenance

    $

    Capital works deductions

    $

    Stationery, telephone and postage

    $

    Travel expenses**

    $

    Water charges

    $

    Sundry rental expenses

    $

    Total expenses

    $

    Net rental income or loss
    (Gross rent less total expenses)

    $

    You cannot claim for these items if the expenditure is already included in body corporate fees and charges.

    * From 1 July 2017, you may not be able to claim a deduction for a decline in value of certain second-hand depreciating assets in your residential rental property. If you use these assets to produce rental income from your residential rental property, deductions are available only if an exception applies. See Limit on deductions for decline in value of second-hand depreciating assets.

    **From 1 July 2017, deductions for travel expenses relating to residential rental properties are allowable only if an exception applies. See Expenses for which you cannot claim deductions.

      Last modified: 31 May 2018QC 55249